Loading...
The Real Deal - New York Real Estate News |
| Major Chinese bank to keep exec floor at Trump Tower Posted: 10 Jan 2019 03:30 PM PST China’s largest bank will retain a toehold at Trump Tower as it relocates the bulk of its New York City offices to Sixth Avenue. The Industrial & Commercial Bank of China – the largest lender by assets in China and, for that matter, the world – will retain one floor for executive offices in the building owned by President Trump’s family, Bloomberg News reported. Bloomberg didn’t report financial terms of the deal, which could be […] |
| Posted: 10 Jan 2019 03:15 PM PST Three investors are bringing a Texas-sized warehouse to Brooklyn. Banner Oak Capital Partners, the investment advisor for the Texas teachers’ pension fund, has joined Dov Hertz and Bridge Development Partners on their plan to redevelop an 18-acre industrial park in Sunset Park. The trio closed Thursday on the $255 million purchase of the Sunset Industrial Park along the Gowanus Canal, the partners told The Real Deal. Apollo Commercial Real Estate Finance provided a $200 million […] |
| Posted: 10 Jan 2019 02:35 PM PST Michael Cohen — President Trump’s former attorney and fixer who was recently sentenced to three years in prison — has agreed to testify before the House Oversight Committee next month. Cohen, who implicated the president in a plan to pay hush money to women who claimed to have affairs with him, will give a full account of his work with Trump, the New York Times reported. Cohen was part of Trump’s inner circle and his […] |
| Meet some of the finance execs attending Future City 2019 Posted: 10 Jan 2019 02:15 PM PST Financing experts including Meridian Capital’s Daniel Heumann, Tavistock Group’s Douglas McMahon, Atalaya Capital’s Young Kwon, Cohen Equities’ Meir Cohen and Citizens Bank’s Ace Watanasuparp, among others, will participate in The Real Deal’s Future City 2019 this month. They will take part in educational sessions on topics ranging from alternative financing to new fiscal regulations. The financiers will join a group of 200 C-level executives in the fields of development, tech, construction and design to network […] |
| Diageo inks 87K sf lease at 3WTC Posted: 10 Jan 2019 01:56 PM PST Spirits company Diageo, which owns brands such as Smirnoff, Johnnie Walker and Baileys, is moving its offices to 3 World Trade Center, a spokesperson for the tenant confirmed to The Real Deal. The company signed a lease for roughly 87,000 square feet and will occupy the 41st and 42nd floors at the Silverstein Properties-owned office tower. Diageo is currently headquartered in Midtown at RXR Realty’s 530 Fifth Avenue, and has offices in Connecticut. The company is […] |
| Here’s how de Blasio will “take” buildings from bad landlords Posted: 10 Jan 2019 01:45 PM PST When Mayor Bill de Blasio said Thursday that he would “take” buildings from landlords who threaten the well-being of tenants, he stopped short of explaining how. But city officials have since told The Real Deal that the plan is to expand laws governing an existing and highly contentious program that saw the city foreclose on more than 60 properties in Brooklyn, Bronx and Queens last year. Third Party Transfer, which is administered by the department […] |
| David Boies, lawyer to titans and tyrants, sells Manhattan apartment Posted: 10 Jan 2019 01:03 PM PST Controversial super-lawyer David Boies has sold his 35th-floor apartment at the Sherry-Netherland a decade after moving in. The two-bedroom apartment at 781 Fifth Avenue went for for $13.6 million to an anonymous buyer listed as “SNP 2, LLC”, according to records filed with city Thursday. Boies originally bought the unit at the Upper East Side building for $7.75 million in 2009. It has hand painted stenciled floors, a full concierge service provided by the hotel and […] |
| It’s suitable: Brooks Brothers buys Midtown East building from Aion Partners Posted: 10 Jan 2019 12:30 PM PST Aion Partners has sold 11 East 44th Street to suit shop Brooks Brothers for $105.8 million, according to property records. Brooks Brothers is already the largest tenant in the Midtown East office building, occupying over 40,000 of the 135,000 square feet. The property also serves as Aion’s headquarters. Aion and Brooks Brothers did not respond to requests for comment. Aion previously bought out Clarion Partners’ stake in the building in 2016 with an $80 million […] |
| This buyer just snagged two pads at 220 Central Park South Posted: 10 Jan 2019 12:00 PM PST You won’t find discounts at Vornado Realty Trust’s 220 Central Park South. A buyer just bought two pads at full asking price, forking over $32 million. The anonymous buyer is listed as “Crystalle LLC,” according to records filed with New York City’s Department of Finance. Unit 33A sold for $30.19 million, or roughly $8,100 a square foot. According to the offering plan, the apartment spans 3,703 square feet and was priced at $29.65 million. The […] |
| Akelius planning to overhaul Fiorella La Guardia’s former home Posted: 10 Jan 2019 11:30 AM PST Akelius Real Estate Management is adding 16 new apartments to an East Harlem rental building where the late New York City mayor Fiorello La Guardia once resided. The renovation, which will not add square footage but will increase the number of apartments from 54 to 70, is described in Department of Buildings filings as “converting 15 apartments into 30 apartments.” The U.S. arm of Swedish investment giant Akelius acquired the 56,700-square-foot building from SL Green […] |
| Chicago’s Trump Tower condos hit record prices, but sales down since 2015 Posted: 10 Jan 2019 11:00 AM PST A few high-profile sales pushed the average price for condos at Trump International Hotel & Tower to $930 per square foot last year, a new record for the 10-year-old supertall. The 98-story building counted 20 condo sales in 2018, including an 87th-floor penthouse that sold for $9.4 million and an 88th-floor penthouse that sold for $7.7 million, according to Crain’s. The 20 total sales in 2018 were up from 17 the previous year, but down […] |
| The story behind the biggest price chop in NYC history Posted: 10 Jan 2019 10:30 AM PST Selling the duplex penthouse at One Beacon Place is proving to be a real headache for billionaire hedge fund mogul Steve Cohen. After reducing the price a painful eight times, the unit at 151 East 58th Street has now been relisted at $45 million. That’s a whopping $70 million discount from its original 2013 listing price of $115 million. Maybe that’s why there’s a giant Excedrin bottle in Douglas Elliman’s picture of the master bedroom. […] |
| Fed rate may surpass 3% in 2019: Federal Reserve’s Karen Gilmore Posted: 10 Jan 2019 10:00 AM PST In 2019, the benchmark federal funds rate could crack the 3 percent mark for the first time in more than a decade, according to the Federal Reserve’s top official in Miami. During a luncheon this week hosted by CREW-Miami, Karen Gilmore, vice president and regional executive at the Miami branch of the Federal Reserve Bank of Atlanta, said the regulatory body is anticipating two hikes this year that could bump up the rate to 3.25 […] |
| Posted: 10 Jan 2019 09:30 AM PST In his sixth annual State of the City speech, Mayor Bill de Blasio on Thursday morning exclaimed that the city would seize the buildings of the “worst landlords.” He did not explain how such a thing would — or could — be done, but the statement followed an earlier an announcement that a new city office would coordinate tenant protection efforts between separate housing and building agencies. Politico reported that the Office of Tenant Protection […] |
| Trinity Financial secures financing for affordable development in Brownsville Posted: 10 Jan 2019 08:45 AM PST The New York Housing Development Corporation was the primary lender on roughly $83 million of city financing for the construction of another piece of the Van Dyke Houses affordable housing complex in Brownsville. The financing, recorded Wednesday with New York City’s Department of Finance, has gone to Trinity Financial, the new developer of the Van Dyke III project at 405 Dumont Avenue. The New York City Housing Authority in 2016 announced that Dunn Development Corp. […] |
| Westchester home sales are seeing a ‘steady erosion’ Posted: 10 Jan 2019 08:10 AM PST Westchester’s luxury market has taken a hit. For Westchester’s residential real estate market, the fourth quarter wasn’t the season for giving. In the final three months of the year, the median sales price of luxury homes in Westchester slid 12.2 percent to $1.8 million from $2.05 million a year earlier, according to Douglas Elliman’s latest market report. At the same time, the number of sales in the luxury segment plummeted 32.2 percent. The broader market […] |
| Compass snags Colliers’ James Emden to head office leasing Posted: 10 Jan 2019 07:30 AM PST Compass has hired another grizzled veteran broker as part of its push into New York’s commercial markets. The brokerage last month hired office leasing broker James Emden from Colliers International, according to Commercial Observer. Emden is the latest in a string of executive appointments at the New York-based firm led by Robert Refkin, which in September was valued at $4.4 billion and backed by Japanese conglomerate Softbank. It has more than 200 locations across 80 […] |
| “Unheard of”: Corcoran broker suggests record $27M listing for two historic Harlem townhouses Posted: 10 Jan 2019 07:00 AM PST A pair of adjacent townhouses in Harlem have been listed with a $27 million asking price — five times more than the neighborhood’s previous record. “It’s unheard of,” appraiser Jonathan Miller told the Wall Street Journal, adding that there is usually no significant premium afforded to townhouse combinations. Together, the combined buildings at 32 and 33 Mount Morris Park West, next to Marcus Garvey Park, span more than 18,000 square feet, including 50 feet of […] |
| Sales in Brooklyn and Queens are falling, but prices aren’t: Elliman Posted: 10 Jan 2019 06:35 AM PST Sellers in Brooklyn and Queens aren’t budging, even as a cascade of new product enters the market. “The pattern is falling sales, record prices and rising inventory,” said Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the Douglas Elliman report. In Brooklyn, the average sales price fell slightly from an all-time high of over $1 million in the third quarter to around $998,000 in the fourth quarter. This was still the second-highest […] |
| WeWork, err…The We Company, is already weighing an IPO Posted: 10 Jan 2019 06:10 AM PST It’s been a yo-yo week for The We Company. Its main investor, Softbank Group, with a sinking stock price and concerns from Saudi and Abu Dhabi backers, drastically reduced a planned investment. And at at its global annual conference, the flexible-office company rebranded a day later. Now the company, formerly known as WeWork, is weighing the prospect of an IPO, much sooner than expected, according to a report by the Financial Times. In order to […] |
| These were the top NYC office leases in December Posted: 10 Jan 2019 05:30 AM PST UPDATED, Jan. 10, 12:30 p.m.: Investment managers and co-working firms made up the bulk of last month’s biggest office leases. All in all, December’s top office leases made up more square footage than November’s. The top 10 office lease deals totaled 2.65 million square feet, more than November’s top 10 leases, which totaled 1.8 million square feet. 1) Deutsche Bank, 10 Columbus Circle, Columbus Circle – 1.1 million square feet Time Warner Center no more: […] |
| Concessions galore: Manhattan rental incentives just keep climbing Posted: 10 Jan 2019 05:00 AM PST Manhattan’s rental market won’t be seeing a dip in concessions any time soon. In December, the share of new rental transactions with incentives rose to 44 percent from 36.2 percent a year earlier, according to Douglas Elliman’s latest market report. That marked the 43rd straight year-over-year increase in concessions. Put simply, “it’s a grind,” said Jonathan Miller, author of the report and CEO of appraisal firm Miller Samuel. Median net effective rent slid 0.3 percent […] |
| Behind 550 Madison’s messy makeover Posted: 10 Jan 2019 04:30 AM PST Craig Edward Dykers drove from Austin, Texas, to Manhattan as an architecture student in 1985 to see an imposing, 37-story tower at 550 Madison Avenue that AT&T just had built for its headquarters. Dykers made the more than one-day journey to view the latest work of Philip Johnson — the world-famous architect who had defined the ubiquitous glass and steel International Style decades earlier and was now taking a sharp left turn with the first […] |
| The top 10 biggest real estate projects coming to NYC Posted: 10 Jan 2019 04:00 AM PST New York City’s 10 largest projects in December included a little bit of everything. All five boroughs had at least one project on the list last month, and the types of developments ranged from mixed-use projects to storage facilities to a healthcare center. The largest project of the month came from Lendlease, which is planning a building spanning almost 300,000 square feet at 100 Claremont Avenue in Manhattan. A new building from Brookfield Property Partners […] |
| Nicole Oge tapped to oversee marketing at WeWork Labs Posted: 09 Jan 2019 08:05 PM PST On the heels of a major rebranding, The We Company has tapped a former residential brokerage specialist to oversee marketing for WeWork Labs. Sources said the co-working giant hired Nicole Oge — who spearheaded flashy marketing campaigns at both Douglas Elliman and Town Residential — to lead marketing for its accelerator program. WeWorkLabs, which re-launched last year, provides early-stage companies with desk space, mentorship and other resources. The division currently has 32 locations around the […] |
| You are subscribed to email updates from The Real Deal New York. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
Loading...
Loading...
